And several reports from the office of the Treasury Inspector General for Tax Administration document the humongous fraud resulting from the various incarnations of the First Time Homebuyers Credit.

FORBES: Guest Post: Don't Raise the Bridge, Lower the River

There seems to be some wrangling right now between the Treasury Department and the Special Inspector General of TARP, Neil Barofsky, about how independent Barofsky's office in TARP is.

WHITEHOUSE: Press Briefing

But at that meeting, the inspector general didn't provide details of his findings, the Treasury said.

WSJ: Obama's Counsel Told of IRS Audit Findings Weeks Ago

The president, who said he first learned about the alleged abuses Friday, added that he wanted to reserve judgment on the matter until after release of an investigation by the Treasury Inspector General for Tax Administration.

WSJ: Chiefs at IRS Knew of Targeting

The IRS comments came as the Treasury Department inspector general for tax administration is nearing completion of a report on the matter.

WSJ: IRS Apologizes for Scrutiny of Conservative Groups

The Treasury Department's inspector general for tax administration is expected to release the results of a nearly yearlong investigation in the coming week.

NPR: AP Exclusive: IRS Knew Tea Party Targeted In 2011

The IRS welcomed the Treasury inspector general's report, saying that it agreed that aspects of its original approach in handling the influx of tax-exempt applications was inappropriate.

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For instance, the IRS currently can't deny a tax credit for adopting a child to someone who has not provided adequate proof of the adoption, according to Russell George, Treasury Inspector General for Tax Administration.

WSJ: Lawmakers Consider Expanding IRS Power to Flag Errors Before Audits

Carney told reporters that White House and Treasury officials discussed the timing of the release of the inspector general's report and its findings after General Counsel Kathryn Ruemmler learned about it on April 24 and told others, including Chief of Staff Denis McDonough.

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The mea culpa lands ahead of an official report on the tax-fishing incidents by the Treasury Inspector General for Tax Administration.

WSJ: Review & Outlook: The IRS Targets Conservatives

Russell George, the Treasury inspector general for tax administration, said at an earlier hearing that he had notified Deputy Treasury Secretary Neal Wolin of the audit.

WSJ: Director of IRS Unit Refuses to Answer Questions